ElizabethG81
I had been struggling to find a clear explanation on the NI credit changes and the state pension. I have now found the section entitled "New state pension" on www.gov.uk and it includes an explanatory leaflet. You are right in thinking a complete record will be 35 years. Between 10 and 35 years benefits are prorated and there is the option to buy years, but in general no longer the option to rely on a spouse's record. This is quite a big change which I think needs more publicity. Also, if I were younger I would worry that the 35 years may be increased in the future. I had also not realised that NI credits are only attached to child benefit for children under 12, although again this does not directly affect me. I did know you should continue to register for child benefit even if your spouse earns too much for you to be paid it to gain NI credits.
I agree about looking at other savings, but personally I am wary of investing in property as it concentrates risk in one place, especially if you already have a significant property investment in your home.
I also agree having assets in your own name is a good idea. I have been very happily married for over 20 years but I keep a "running away" fund. It also gives a source of easily accessible funds in the event of emergencies and better tax planning scope. However I am always a bit worried when I hear married people talking in terms of his and her assets and liabilities because in most cases they are in fact joint regardless of whose name is on the paperwork.
captainproton it sounds like your DH pension is a stakeholder pension like my DH. I agree you need to check but in our case if DH dies before pension age I inherit the whole fund and unless we later converted it to an annuity, which under the new rules would no longer be required, this would continue to be the case. This is very different from defined benefit pensions or already annuitized pensions where survivor benefits are generally 50% or less of the pension in payment. We have a whole series of pension funds from both our previous and current employment and our own private provision. I am in the process of collating them all to better plan our retirement and I would recommend this.
morethanpotatoprints you are not the only person I know who is wary of pension funds and I don't think the constant confusing changes help matters any. Just on the historic point though: most private pensions used to be closer to collective insurance products than individual investment products held collectively. The distinction is important as in old schemes investors had no direct ownership of the underlying assets of the fund. This is why investors lost money if the insurance company folded. This would also be the case if a bank were allowed to fold and you were holding bank accounts above the government guaranteed limit. However if an investment company is managing your investments on your behalf in a stocks and shares ISA or stakeholder pension you are usually the beneficial owner of the underlying assets and the company is regulated to ensure it is maintaining safe custody of your assets. You are still exposed to losing all your assets in a market crash though and there have been frauds and Ponzi schemes so I always make sure I know who the custodian is. This is especially important if a bank or financial advisor is marketing an investment product which will ultimately be managed by a third party. I also tend to avoid anything offering any sort of "guaranteed" or "smoothed" return as to me they imply transfer of beneficial ownership.
Again I am not an expert but I do try to keep up with issues as they affect me. Part of the problem is that everyone's circumstances are different. Also there is only so much planning anyone can do for an uncertain future.